Keller @ Large: Do Paulson And Rubin Realize They Failed?
Get Breaking News First
BOSTON (CBS) – The biotechnology industry is having its big annual convention this week here in town, and they always try to bring in some big-name celebrities for their keynote event.
Listen to Jon’s commentary:
But I guess Beyonce and the “good-job, good effort” kid from Miami weren’t available, because yesterday’s headliners were two former Secretaries of the U.S. Treasury, Henry Paulson and Robert Rubin.
There was a bit of a flap at the event when only trade press were allowed to cover the Paulson/Rubin show, while other reporters were barred.
“We want to ensure that our presenters are comfortable speaking openly,” said a convention flack, which is unintentionally amusing, because both men will go down in history as among the most notorious dissemblers of our time.
Rubin is the genius who made sure then-President Clinton prevented federal regulators from gaining authority of a new type of financial instrument called credit derivatives, the abuse of which wound up being a key factor in the 2008 collapse of our economy.
Paulson is the rocket scientist who made sure that the bank bailout was extended to all the major banks, so no one could be sure which were the truly weak links, and repeatedly told the American public in the run-up to the collapse that all was well, recovery was just around the corner, nothing to see here, move along.
Yesterday, these two were at it again.
Rubin scolded the U.S., Europe and Japan for running up unsustainable debt while failing to address their fiscal excesses, problems he personally did little to address when he had the chance.
And Paulson said this: “One of the problems we have in Western democracies is voters wanting things they don’t want to pay for.”
True enough, I guess.
But what about the power, money, and acclaim masters of the universe like Rubin and Paulson pursued on their way to building a house of cards, the collapse of which they now don’t want to be held accountable for?
And Larry Summers makes three.
No wonder they don’t want the unwashed press rabble in on their dog-and-pony show.
Why, someone might actually be rude, and challenge their perpetually self-serving drivel.
You can listen to Keller At Large on WBZ News Radio every weekday at 7:55 a.m. and 12:25 p.m. You can also watch Jon on WBZ-TV News.